Synovus pays penalty

Synovus Financial agreed to pay a government penalty for failing to provide adequate flood insurance on 367 loans.

The Columbus bank agreed to to pay $135,050 for failing to provide adequate flood insurance on the loans and for failing to provide the required notification on 30 loans between June 1, 2010 and Oct. 2, 2012. It did not admit or deny any violations of the law.

The civil money penalty, assessed by the Federal Deposit Insurance Corp., will be paid to the Treasury department.

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